This is a tricky tip because everyone’s budget is different, and there are many different budgeting methods. To simplify, Kelley Long of Financial Finesse suggests you try what’s known as the 50/30/20 Rule. “Fifty percent of your income should go towards fixed costs and needs like rent, transportation, utilities, groceries. Thirty percent should go toward wants, like dining out, entertainment, shopping and Netflix/SoulCycle/Uber/Spotify/Instacart fees. And 20 percent should go toward your goals, like paying down debt and saving for the future,” she says.

The basic rule of thumb is that housing expenses should not exceed 30 percent of your gross income. So, for example, if you make $60,000 per year, your rent and insurance shouldn’t top $18,000 per year—or $1,500 per month.

Or, if you want to think of it in a different way, try the 40 percent rule. In this approach, “the asking rent should be no more than 40 percent of the tenant’s monthly income, minus all other monthly bills such as utility payments, renters insurance and loans,” says Ryan Coons, CEO of Rentulations.

That said, there is one other factor to consider: the market norm where you live. If you are in a high-demand market such as New York, LA or anywhere near Google headquarters, for instance, you might find the rent far exceeds both the 30 and 40 percent rules. In these markets, potential landlords will probably expect their tenants to prove their incomes (single or combined) are 40 to 50 times the monthly rent.

You may have some accounts to pull extra cash from—but don’t take the bait. It’s a no-brainer that you shouldn’t dip into your retirement fund, but some people might be tempted to grab some cash from savings and emergency accounts. Resist the urge. Once you start draining these funds to cover rent, you’ll be without a safety net.

You should also avoid using credit cards or taking out personal loans in order to cover your expenses. Similarly, if you find yourself charging groceries in order to pay your rent on time, it might be time to rethink your living space.

It’s easy to be dazzled by a beautiful space with the latest amenities and think that if you stretch yourself financially just a little, you can make ends meet. When asking “How much rent can I afford?” do not fall into that trap.

One mistake Long made was justifying a place she couldn’t afford by figuring that eventually she would have her car paid off and could put that money toward the rent. “What I should have done was rent a less expensive place and then started saving my car payment toward a down payment on a house,” she says. “I would have been able to afford to buy a lot sooner in life if I’d just sacrificed a couple years in a cheaper place.”

Nothing is sadder than a beautiful apartment furnished with an air mattress and a coffee table made of milk crates. What good is a view if there’s nowhere to sit and enjoy it, right?

It might seem easy to solve a furnishing dilemma by plunking down plastic and paying it off later. But this can get you into a lot of hot water if paying off those expenses makes covering your rent difficult. Instead of buying things you can’t afford, check your local message boards to see if other people might be selling or giving away items you can snag and repurpose.

It’s amazing what a few questions can do. Don’t be afraid to ask the landlord, leasing agent or broker about the expectations for your income-to-rent ratio, whether someone can co-sign along with you and if you are allowed to have roommates to defray rental costs. If their expectations are different than the market norms or standard rules, you’ll save yourself a lot of time.

Originally published August 18, 2017; updated on December 14, 2017.

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